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Best Financial Advisors in Madison

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SmartAdvisor by SmartAsset logo
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SmartAdvisor by SmartAsset

Madison, WI
  • Estate Planning
  • Investment Management
  • Financial Planning
  • Retirement Planning

Business Description

SmartAsset's free, five-minute tool makes it easy to find qualified financial advisors in your area. The exclusive tool uses a quick survey to help SmartAsset's exclusive algorithm match you with up to three advisors based on your specific financial needs. Each advisor is a fiduciary, legally bound to work in your best interest, and rigorously vetted by SmartAsset. You can speak with each for free, sometimes within a matter of minutes, and choose whom you want to work with. Hundreds of thousands of smart investors and retirees have already used SmartAsset's simple, no-cost service to find the right financial advisors for them.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Yelp
4.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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––

Price: Free consultation

AssuredPartners Financial Advisors logo
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License Verified:

License: 2201941

Investment Adviser Public Disclosure Database, SEC

AssuredPartners Financial Advisors

8500 Greenway Blvd, Middleton, WI 53562
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  • Certified Financial Planner (CFP)

Business Description

AssuredPartners Financial Advisors provides its services to individuals, families, and businesses in Madison and the neighboring cities. Its independent retirement plan advisors provide a variety of services, including financial planning, wealth management, and employee education. It assists clients via its Guided Wealth Portfolios, a personalized and diversified digital investing solution. LPL Financial is the broker-dealer for the company. AssuredPartners Financial Advisors is a member of the Global Retirement Partners Advisors Alliance.

License Verified:

License: 2201941

Investment Adviser Public Disclosure Database, SEC

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Atlas Wealth Advisers logo
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Atlas Wealth Advisers

2921 Landmark Place, Suite 225, Madison, WI 52713
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  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

Established in 2005, Atlas Wealth Advisers is a financial advisory firm catering to clients in Madison. Its advisory services include financial planning, Social Security optimization, and budgeting. It also offers insurance policies and retirement plans, such as IRA, pension, and profit-sharing. Additionally, the firm provides investment services like brokerage, portfolio management, stocks, bonds, and annuities. Its owner, Scott J. Richardson, started building his client base in the financial services industry in 2000. He is a Chartered Financial Consultant and an Accredited Asset Management Specialist.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (6)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Helpfulness
Detail
Blackhorn Partners logo
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Blackhorn Partners

10 East Doty Street, Madison, WI 53703
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  • Certified Financial Planner (CFP)

Business Description

Blackhorn Partners provides financial advice and investor-specific wealth management plans in Madison. Its partners and strategists hold various certifications, including CFP, ChFC, CFA, and CIMA. They look to create tailor-fit plans that are family-centric, offer financial comfort, and protect their clients' lifestyles. The company also helps individuals and families build a strong legacy and financially prepare for retirement. Blackhorn Partners has regularly been invited to speaking and teaching engagements on key segments of wealth management.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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––
CLF Asset Management logo
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CLF Asset Management

999 Fourier Drive, Madison, WI 53717
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  • Certified Financial Planner (CFP)
  • Private Wealth Advisor

Business Description

CLF Asset Management offers financial planning services, including cash flow analysis, financial goal analysis, investment planning, and tax planning. Additionally, the firm handles investment management and employer retirement planning. Its finance process has five steps: discovery meeting, fact-finding meeting, allocation meeting, ongoing reviews, and open-ended relationship. CLF Asset Management is an independent financial services firm serving the Madison metro and surrounding areas. It is committed to providing sound financial advice, creating custom financial plans, and maintaining long-term relationships with its clients.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Dorn Wealth Management logo
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License Verified:

License: 19258

Investment Adviser Public Disclosure Database, SEC

Dorn Wealth Management

8500 Greenway Blvd. Suite 101, Middleton, WI 53562
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  • Estate Planning
  • Certified Financial Planner (CFP)

Business Description

Dorn Wealth Management is a financial advisory firm that provides planning and investment services for clients in Madison. It offers wealth management for clients by creating customized strategies of budgets, investments, and insurance. The firm also handles retirement planning and management of retirement income, wealth preservation, and legacy planning for families. Its other services include college funding, review of disability insurance, and life insurance. Its founder Megan Dorn is a Certified Financial Planner, Enrolled Agent (EA), and has a Certification for Long-Term Care.

License Verified:

License: 19258

Investment Adviser Public Disclosure Database, SEC

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)
Empowered Financial Management logo
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License Verified:

License: 2218676

Investment Adviser Public Disclosure Database, SEC

Empowered Financial Management

8383 Greenway Blvd Suite 210, Middleton, WI 53562
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  • Certified Financial Planner (CFP)

Business Description

Empowered Financial Management is a fiduciary firm that caters to pre-retirees and retirees in Madison and the surrounding areas. Its team of financial advisors utilizes the 360° Retirement Planning approach to build comprehensive plans, covering various aspects of retirement, such as taxes, healthcare, retirement income, investments, and estate planning. Nicholas J. Toman, one of the firm's advisors, has been a Certified Financial Planner since 2013. The firm has been featured on several media outlets, such as NBC 15, Retirement News Online, and WIBA.

License Verified:

License: 2218676

Investment Adviser Public Disclosure Database, SEC

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
EnRich Financial Partners LLC logo
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EnRich Financial Partners LLC

6502 Grand Teton Plaza, Madison, WI 53719
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  • Certified Financial Planner (CFP)
  • Tax Planning

Business Description

EnRich Financial Partners is an investment advisory firm based in Madison. With its team's collective experience of over 70 years, the firm serves as a Family CFO dedicated to handling all aspects of clients' finances, including creating strategies for financial security and managing their investments. Its clientele includes corporate executives, high-income professionals, retirees, recently divorced or widowed women, and small business owners. Clients can access their financial profiles through the company's online system, EnVision, which shows real-time data on their finances and financial plan progress.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Evolution Financial logo
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Evolution Financial

2701 International Lane, Madison, WI 53704
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  • Certified Financial Planner (CFP)

Business Description

Evolution Financial helps clients of all backgrounds in Madison. It offers various financial planning services, such as cash flow analysis and budgeting, insurance and risk management, 401(k) investment allocation and stock options, retirement projections, and debt management. It also offers various investment management strategies, including risk tolerance analysis, asset allocation, and investment selection and management. Sue Peck, who founded the company in 2017, donates a portion of her revenue annually to charitable institutions selected by her clients.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Yelp
5.0 / 5 (2)
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Fiscal Fitness logo
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License Verified:

License: 140148

Investment Adviser Public Disclosure Database, SEC

Fiscal Fitness

211 East Verona Ave. Suite 4, Verona, WI 53593
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  • Certified Financial Planner (CFP)

Business Description

Founded in 2006, Fiscal Fitness is a financial consulting firm serving clients in Madison. It helps individuals achieve their financial objectives by offering financial advisory services, such as debt management, portfolio review, cash flow analysis, and retirement planning. Its advisors recommend Social Security claiming strategies and assess clients' financial risk tolerance to provide services that suit their individual needs. Owner Kathy Hankard is a Certified Financial Planner who has worked with more than 300 clients.

License Verified:

License: 140148

Investment Adviser Public Disclosure Database, SEC

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)
Leach, Bickmore & Weiss Wealth Management logo
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License Verified:

License: 281302

Investment Adviser Public Disclosure Database, SEC

Leach, Bickmore & Weiss Wealth Management

6410 Enterprise Ln, Madison, WI 53719
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  • Certified Financial Planner (CFP)

Business Description

Leach, Bickmore & Weiss Wealth Management is an independent company that serves the Madison metro. It assists clients in making informed decisions about their financial goals through services such as asset management, personal financial consulting, and estate planning. Its financial advisors and educators guide entrepreneurs in planning their business and create customized financial plans tailored according to individual clients' needs. The firm's founder, Daniel Weiss, was inducted into the JFNA National Young Leadership Cabinet in 2019.

License Verified:

License: 281302

Investment Adviser Public Disclosure Database, SEC

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (4)
Madison Partners logo
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Madison Partners

1502 West Broadway, Monona, WI 53713
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  • Estate Planning
  • Private Wealth Advisor
  • Retirement Planning
  • Tax Planning

Business Description

Madison Partners is a wealth advising firm that offers financial planning solutions to individuals, families, and business professionals in the city and surrounding areas. It offers a number of services, including asset management, succession planning, retirement planning, and tax strategy. The firm helps clients maximize their funds through tax-efficient and cost-efficient investment management strategies. Assets are also placed in diversified accounts to manage risks. Madison Partners also works with its clients' tax and legal professionals to ensure that their money is protected and accounted for.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
5.0 / 5 (13)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Mennenga Tax & Financial logo
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Mennenga Tax & Financial

814 Atlas Avenue, Madison, WI 53714
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  • Certified Financial Planner (CFP)
  • Tax Preparation
  • Tax Planning

Business Description

Mennenga Tax & Financial has been offering its services to the residents of Madison and the surrounding metro areas for more than 33 years. It offers investment services, employing a variety of strategies to help reach each client's goals while considering their risk tolerance, time horizon, and tax situation. The firm also assists with retirement planning, education planning, and inheritance. Co-founder Marshall Mennenga is a tax and financial advisor who has been in the finance industry since 1970.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
4.0 / 5 (22)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Poehling Capital Management logo
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Poehling Capital Management

525 Junction Road, Madison, WI 53717
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  • Estate Planning

Business Description

Poehling Capital Management is a financial advisory firm that has been serving the residents of Madison and the surrounding areas for more than 15 years. Its financial planning services include education planning, legacy planning, and retirement planning. In addition, it provides estate planning and investment management services. The firm practices a collaborative approach and works with clients' attorneys, insurance agents, tax planners, and other financial advisors. The company president, Thomas R. Poehling, has been working in the investment industry for more than 30 years.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
RMR Wealth Advisors logo
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RMR Wealth Advisors

400 Interlake Drive, Monona, WI 53716
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  • Certified Financial Planner (CFP)

Business Description

RMR Wealth Advisors is a financial planning and investment management firm that serves the residents of Madison and the surrounding areas. Its wealth management services include cash flow planning and management, retirement strategies and planning, and insurance planning. The firm also provides investment management services. RMR Wealth Advisors' team has a combined industry experience of more than 70 years. Founder and owner Erik Mikkelson is a Certified Financial Planner and is contributing author to the finance book Bringing Value, Solving Problems and Leaving a Legacy.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Helpfulness
Detail
The Capital Group logo
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The Capital Group

406 Science Drive, Madison, WI 53711
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  • Estate Planning
  • Certified Financial Planner (CFP)

Business Description

The Capital Group is a financial services company serving clients in Madison. It provides a wide range of financial planning services, including wealth accumulation, retirement planning, capital preservation, and tax reduction strategies. Its financial planners have earned professional certifications and designations and are authorized to sell the various investment and insurance products. Partner Andrew Seaborg has been serving different types of clients, including shareholders, C-level executives, and charitable trusts. He is also a voting member of the Wisconsin International Trade Council.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
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Detail
Thompson Investment Management, Inc. logo
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License Verified:

License: 129609

Investment Adviser Public Disclosure Database, SEC

Thompson Investment Management, Inc.

1255 Fourier Dr., Suite 200, Madison, WI 53717
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  • Certified Financial Planner (CFP)

Business Description

Thompson Investment Management, Inc., helps Madison clients achieve their financial goals. It provides financial management solutions such as retirement plan services, investment portfolio management, and proprietary mutual fund offerings. Its financial advisors conduct risk and diversification analysis, design investment strategies, and assist companies in educating employees on 401(k) plans and profit-sharing benefits. The company has been serving the community since 1984 and is a member of the Investment Company Institute. It gives back to the community by supporting MadisonOpera and WALK.

License Verified:

License: 129609

Investment Adviser Public Disclosure Database, SEC

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Tyler Knowles logo
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Tyler Knowles

1600 Aspen Commons, Middleton, WI 53562
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Insurance Products

Business Description

Tyler Knowles is a wealth management advisor under Northwestern Mutual, a company that has been serving Madison and the neighboring communities for more than 160 years. He specializes in working with individual investors and business owners to help grow their finances and create a comprehensive financial plan. Tyler also assists in estate planning, long-term care planning, and private wealth management. He also assesses an individual's risk tolerance to customize investment portfolios that clients can be comfortable with.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
5.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Wealth Enhancement Group logo
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Wealth Enhancement Group

440 Science Drive, Madison, WI 53711
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  • Certified Financial Planner (CFP)

Business Description

Wealth Enhancement Group is an organization that has been serving Madison and surrounding communities since 1997. It offers a wide range of financial planning services to individuals and families, including comprehensive wealth management, family office, tax preparation, and trust services. Retirement plan consulting and employee benefits programs are also available for businesses. The office's senior vice president, Daniel Hyland, has been working as a financial advisor for almost 40 years. He has served as a guest speaker on investments and planning for multiple groups.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Wealthspire Advisors logo
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Wealthspire Advisors

10 Terrace Court, Suite 103, Madison, WI 53718
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Financial Planning
  • Investment Management
  • Charitable Giving

Business Description

Wealthspire Advisors is an independent registered investment advisor serving clients in Madison and across the United States. Comprised of fiduciary advisors who value connecting all parts of clients’ financial lives, Wealthspire aims to deliver collaborative strategies that optimize their finances and fulfill their aspirations. Advisors provide customized planning, continuing education, and coordination. The firm has been named a Top RIA by both Barron’s and Financial Advisor Magazine for three consecutive years. It has also been featured on Forbes’ “Best-in-state Advisors” and “Top Women Advisors” lists in 2020.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (3)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
Back to Providers

Frequently Asked Questions

Introduction

There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.

Are financial advisors worth it?

Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.

What does a financial advisor do?

Financial advisors can have many types of specialties. Generally, a financial advisor advises on or helps to execute a financial plan. Some examples include assisting people with getting out of debt, building out an investment portfolio, and handling taxes.

How much money do I need to work with a financial advisor?

There’s no specific income level you need in order to work with a financial advisor, but there may be a minimum investment amount for certain types of services. Some financial advisors won’t manage your money unless you have $100,000 or more to invest, but this isn’t the case with financial coaches or robo-advisors.

What does a financial coach do?

Financial coaches focus on improving your financial literacy and money management skills. For example, they can help you figure out how to pay down your student loans or decide how much money to put away for retirement. They usually charge by the hour and don’t offer asset management services or investment advice.

When should I use a financial advisor vs. doing it myself?

Smart money management can give you freedom and comfort. Being responsible with your money makes it possible to meet goals and pay for major expenses. A financial advisor is trained and can offer you expertise that would otherwise take years to learn. They know how to save you money and make it go further.

How do I know if my financial advisor is trustworthy?

Because financial advisors aren’t licensed or regulated, it’s up to the client to make that determination for themselves. However, if your advisor is a fiduciary, that means they’re legally bound to act in your best interest. Some types of advisors, including Certified Financial Professionals (CFPs), are held to fiduciary standards.

What\'s the difference between a financial advisor and a financial planner?

The term financial advisor is a broad phrase that encapsulates many specialties, including financial planner. It's similar to how doctor applies to different physicians, while a cardiologist is a specialty doctor. A financial planner helps their client plan to achieve long-term financial goals, such as saving for a house or retirement.

Are financial advisor fees tax deductible?

Until 2018, financial advisor fees were tax deductible as a miscellaneous expense. However, the Tax Cuts and Jobs Act elimited that deduction until at least 2025.

What is a financial consultant?

A financial consultant and a financial advisor are essentially the same. In recent years, financial consultant has become a less popular term, with financial advisor being much more common. Sometimes, the financial professional may opt for the term consultant when offering services to a business rather than an individual.

What is a robo-advisor?

A robo-advisor is essentially an algorithm that manages your investment portfolio for you. Because their services are automated, you’ll pay less than you would for a human advisor — often between 0.25% and 0.50%. They don’t require large initial investments either, making them a popular choice for entry-level investors. However, you won’t get the same level of advice that you would get from a personal financial advisor.

What makes someone a fiduciary?

Fiduciary is a legal term for a person who has a legal or ethical responsibility to act in your best interests. For example, a trustee and a beneficiary. A financial advisor may have a fiduciary obligation to make financial choices that are best for you, even if it means they earn less in commissions or fees.

How often should I meet with my financial advisor?

After your initial meeting, you may only need to check in with your financial advisor on a quarterly or annual basis. Ask them in advance how often you can expect to hear from them, and whether they offer in-person, phone, or virtual meetings.

Should your financial advisor be a fiduciary?

It’s important to understand that only some — not all — financial advisors have a fiduciary obligation to their clients. Always ask your financial advisor if they’re bound by fiduciary duty. If not, it’s possible that they’ll push products or services that earn them the highest commission, not necessarily what’s best for you. Opt for a financial advisor bound by fiduciary duty whenever possible.

Can my financial planner help with taxes?

Financial advisors aren’t necessarily accountants or tax preparers, so don’t expect them to prepare your taxes for you. However, they may be able to provide tax-related advice to help you optimize your returns and deductions. If you need an advisor who can file your taxes, look for one who is also a CPA (Certified Public Accountant).

Do I need a financial advisor?

Ask yourself if a financial advisor can fill a need or solve a problem you can’t easily handle on your own. They can be helpful in a wide variety of ways, such as building budgets or financial plans, finding ways to save money on taxes, creating an investment portfolio, or offering investment advice.

How do financial advisors get paid?

Clients pay to work with a financial advisor whether it’s through fees, commissions, or salaries. If they’re paid by client fees or commissions, their salary is tied to how much business they bring in. The harder they work, the more they make. In comparison, a salaried employee is guaranteed their wage no matter how many clients they have.

What experience should I look for in a financial advisor?

 If you have specific goals or a unique financial situation, look for a financial advisor with expertise in that area. For example, some financial advisors specialize in working with millennials or focus on socially responsible investing.

How much does a financial advisor cost?

A financial advisor’s costs depend on their fee structure. Some advisors charge a fee — either hourly or a percentage of the client assets under management. Another common option is to charge a commission on the products sold or investments made.

Should I hire a financial advisor before buying a house?

While not always necessary, a financial advisor could help you decide how large of a mortgage to apply for, how much money to put down, and how to balance the purchase with other savings and investment goals.

How many financial advisors are there in the U.S.?

According to the U.S. Bureau of Labor Statistics, it’s estimated that there are 218,050 financial advisors. California is the state with the highest employment of financial advisors across the nation.

Do banks offer financial advisors?

Yes, many banks have financial advisors on staff. Your bank may also offer incentives to work with their financial advisors, such as lower fees or free accounts. However, it's important to note that many of the bank's financial advisors don't have a fiduciary obligation and might prioritize the bank's products above all else. There is a cost when working with your bank's financial advisor.

Should I hire a wealth manager?

A wealth manager can help offer complex financial planning services, including tax guidance, estate planning, and legal assistance. While you don't have to be a high-income earner to benefit from a financial advisor, a wealth manager is typically for those that have a high net worth. However, many people build wealth and need a wealth manager later on in life.

Is wealth management worth it?

Wealth management is typically worth it for those who need help with multiple endeavors or comprehensive financial situations, such as charitable contributions or investment portfolio management, or want to protect their assets. A wealth manager can also offer you guidance if you’ve been neglecting your finances or making poor judgements.

How can you tell if a financial advisor is bad?

Your relationship with your financial advisor is a very personal one, as you’re trusting them with your wealth and future. Some general signs that your financial advisor is bad include:

  • They can’t answer your financial questions
  • You have worked with them for a while but haven’t seen a financial improvement
  • They don’t provide you with progress reports
  • They don’t check in with you

What do you need to be a financial advisor?

As mentioned, there are over 100 types of certifications for financial advisors. The training or experience you need will depend on which specialty you want to pursue. Generally, financial advisors need to have:

  • A Bachelor’s degree
  • A General Securities Representative license (Series 7 license)
  • A Certified Financial Planner (CFP) certification isn’t mandatory but is often preferred

Where do financial advisors work?

Where a financial advisor works will depend on what type of financial advisor they are. Financial advisors can work at a variety of places, including:

  • Securities and commodity brokers
  • A bank
  • A credit union
  • Independently
  • Insurance companies
  • Financial investment firms
  • Small investment advisory firms

How much do financial advisors make?

In 2019, the national average salary for a financial advisor was $87,850. However, it’s important to note the average salary varies from state to state and the different focus areas — an investment advisor may make a lot more than a financial planner. Lastly, salary can depend on how the individual is getting paid. Financial advisors can be paid by client fees, commissions, or salaries.

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